Financial Aid

[Wifty]

The time has come to fill out the financial aid for next year...the first year of med school.

Are there any tips that anyone has learned? Things to know about? Should we assume that we are going to have to apply from outside loan companies....and if so, which ones and when should we fill out those forms?

Did everyone get enough financial aid by filling out the forms to survive? Or did you have to apply for other loans later?

Any thoughts would be helpful.

Wifty
spouse of KCOMer 2006

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[PalCareGrl]

I too am going into my first year... Won't we get enough aid from the gov't by filling out our FAFSA? What are the advantages of getting private loans? I'd just as soon keep all my loans together through the Dept of Education... is that bad? Help us please, oh wise medical students!

 

[jhug]

DITO!!! What is a "good" rate for a loan? I'm trying to look for the lowest interest rates but really felt i had no direction in my search. Thanks!

 

[mpp]

It depends on the type of loan. For Stafford loans, the rates are the rate of the 91-day T-Bill plus 1.7 percent with a cap at 8.25 percent. The 91-day T-Bill rates are extremely low right now: last auction they came in at 1.684 percent. So Stafford Loans are at an all time low about 3.5 percent. Since inflation is about 2.8 percent, this is almost free money. As good as it will probably ever get. The interest rates will change as the T-bill rate changes each week.

Upon graduation the rate is increased (by I think about 1 percent or something similar). Your rate can never go above 8.25 percent for a Stafford Loan.

 

[Slingblade the Surgeon]

yeah and those of us going to NOVA would like to partake of those loans without fees! I know you KCOMers don't have to pay fees on your Staffords.

 

[LoanGrl]

I am with NOWLoans, and we provide those "No Fees" Staffords to KCOM Students. Those loans are available to all osteopathic students at all osteopathic schools nationwide. You will find more details on our web site, <a href="http://www.nowloans.org" target="_blank">NOWLoan$</a>. Good luck with your program!

 

[Toran]

The amount of money that I get doesn't have any penalties or fees! That is the best...

Thanks Loan Girl, you are money!

Now if there was just something exciting in Kirksville to spend it on.....

Toran

 

[electra]

you need to fill out the same FAFSA that you did as an undergrad, with the minor changes of being a first year grad/professional school student. the website is <a href="http://www.fafsa.ed.gov." target="_blank">www.fafsa.ed.gov.</a> You can fill it in as "will file" under taxes, but you will need to revise the student aid report as soon as your taxes are done and submit it to get the EFC number that your schools are looking for. Have the FAFSA sent to each school that you are interviewing at, have been accepted to, or are extremely interested in. One of the biggest delays for the FAO is not having the information from the government when they go to package you.
Most schools are requesting a copy of your tax forms along with any paperwork that they send you.

Keep in mind that all schools have budgets and the living expenses are TIGHT. use this year to pay off as many bills as you can, clean up a "could be better" credit report, and save a little money. Your budget will be built around YOU being a student and not so much around your family. That is, if you are married, your spouse will need to be working. If you have children, your budget can be increased to includdee some childcare expenses, but your stafford limits are set by the government, so that "extra" may need to be borrowed as a private loan. Your FAO can also assist you in working with lender they recommend for the loans.

Feel free to email if you have additional questions.

electra
former financial aid administrator.

 

[jhug]

loangrl-- thank you so much for that link!! I am still filling out the fasfa but this looks to be the best option!!

 

[LoanGrl]

Way to go, electra! Good advice, couldn't have said it better myself. ;-)

 

[LoanGrl]

Toran, look at the bright side...some of the best things in life are free! Maybe you just need to get creative. ;-)

 

[Slingblade the Surgeon]

Hey Loangrl, the yearly limit for staffords is 38000...can that be extended to cover the 45k budget without private loans?

 

[PalCareGrl]

Hi, just so everyone knows- the online FAFSA is really quick. I submitted mine on Wednesday and I got an email saying that my SAR was ready for review today! That's an amazing turn-around time! Haven't heard anything from Nova's financial aid department yet (when will we start getting packets???)

 

[jhug]

how are you doing the fasfa without doing the taxes thing?? are you refilling the application or are you first-timers?? Whichever the case, i am impressed that you are so prepared!

 

[electra]

you can fill out the FAFSA now and check the box that says "will file" for taxes. May SAR was ready in 48 hours to download, and once I get the info for taxes I will submit the update and the FAFSA will be sent out. The advantage to doing it nowe is that you don't forget about it. And, frankly, in professional school, you know the loan package is coming...it's not like you're ready to get a ton of scholarship money.

 

[PalCareGrl]

I did a rough estimate of my taxes (well, pretty much the whole thing) and then just filled in the info... not really prepared, I just wanted to get it done! Plus I can file a 1040A, so it was pretty easy for me (no investments or anything)

 

[jhug]

electra-- sorry to keep pestering but are you ballparking your income/tax info?? i started to fill all that in and began to doubt as to the accuracy of what i was entering...but if a ballpark figure is good enough then why not. I would hate to fill in less than what i think i'll make and then be dissappointed when i'm not rewarded as much as i had hoped. Thank you so much for all the help!!

 

[LoanGrl]

Slingblade: The 38.5k limit on Staffords is for those students attending a 9-month school. If your school is a 12-month school, it can usually be higher than that, but not enough to cover your entire budget. Keep in mind that you have a limit of $189,125 that you can borrow in four years on your Stafford loans. You will probably have to rely on a private loan. Your best bet is to talk to your financial aid dept. and see what they suggest. Good luck!

 

[mikeaparker]

?? Is NSU-COM considered a 9 month school????
Re: Student Stafford Loan Limits..
I know the first year we have more of a summer break then the second etc.....

Thanks,


Mike

 

[LoanGrl]

mikeaparker: Good question! That's one that your financial aid office will have to answer. My advice is to be sure and be nice to them, you want them on your side! Their assistance can make a huge difference. Good luck!

 

[electra]

You can't "guesstimate" if you want, just by looking at your last paystub of the year and at your total interest through your bank, and that should be fairly close if you do not have complicated taxes. Again, if you do the form now, then download the SAR (since it will be completed inside of a week, instead of having to wait for it for a month) you can make a correction and send it back.
For a majority of (med/grad) students, changes in information don't make a big deal, because you're going to borrow money anyway. And, you can always put in writing to your FAO why you think your EFC is too high for you to manage in your first year of school (since your income looks inflated.)

electra